By Solana Price Prediction as $1 Billion Trading Volume Sends SOL Flying Up 25% – Are Whales Buying?
The price of Solana (SOL) has surged by 25% in the last seven days now, with the coin’s rise to $24.21 also representing a 6% gain in 24 hours.
This makes SOL one of the best-performing coins in the market right now, with the token also having appreciated by 23% in a month and by just over 140% since the beginning of the year.
And with SOL’s jump today coming when the market as a whole appears to be beginning a recovery, it’s very likely that the altcoin could record further gains in the next few days and weeks.
Solana Price Prediction as $1 Billion Trading Volume Sends SOL Flying Up 25% – Are Whales Buying?
It will be particularly interesting to see whether SOL can break through its current resistance level (red) of about $25, with a sustained breakout being likely if it does manage to do this in the next couple of days.
It certainly has the momentum to reach some new levels at the moment, with its relative strength index (purple) breaking through the 70 level earlier today and still inching up towards 80.
This would suggest that it’s not about to lose momentum anytime soon, with its 30-day moving average (yellow) now on course to overtake its 200-day average (blue), something which could provide another source of a breakout.
There’s no question that SOL is very strong right now, with its 24-hour trading volume close to hitting $1 billion, which would be its highest since July.
Such a spike in volume could indicate that whales and large investors are now accumulating the token once again, although there have been no especially large SOL transfers in the past couple of days, meaning that retail could be driving today’s spike.
Either way, some analysts are predicting big things for SOL, which had been oversold over the past couple of months but which had remained fundamentally strong despite this.
Indeed, Solana’s total value locked in has risen by 61% since the beginning of the year, suggesting that usage of its dapps and ecosystem is beginning to recover.
As such, SOL could be on course for further gains in the next few weeks, especially after Visa announced last month the inclusion of Solana in its stablecoin trials, something which could be massive for the network going forward.
For this reason, SOL can be expected to hit $30 in the next couple of weeks and to reach $35 or $40 by the end of the year.
New Altcoins Bring New Rallies
While SOL remains one of the most promising major tokens in the market, there are a number of alternative cryptocurrencies available right now, with several new presale coins looking set to have big listings in the next few weeks.
One of the strongest such coins in terms of fundamentals is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that will make Bitcoin mining more accessible to retail investors.
Impressively, Bitcoin Minetrix opened its presale last week and has already raised more than $300,000 so far, a sign that investors are impressed by its unique approach to Bitcoin mining.
What Bitcoin Minetrix does is enable users to stake their Ethereum-based BTCMTX tokens so as to receive tokenized mining credits, which can then be used by holders to use Bitcoin mining hashpower.
In other words, staking enough BTCMTX will allow holders to mine and earn actual BTC in return, which is why Bitcoin Minetrix promises to widen access to Bitcoin hashpower and mining.
Its stake-to-mine platform is due to launch towards the end of 2023, with its native BTCMTX token having a maximum supply of 4 billion, with 1.4 billion being allocated to the presale, and with 15% going towards community rewards.
Such rewards will help encourage holders to participate in the Bitcoin Minetrix ecosystem and promote it to other investors, who can join the token’s presale by going to the official Bitcoin Minetrix website and connecting their wallets.
1 BTCMTX will cost $0.011 during the sale’s first stage, although this will rise to $0.01190000 by the tenth and final phase.
As such, buyers will have to act speedily if they want to buy BTCMTX at the lowest possible price, because the coin could rally big once it lists on trading platforms in the next couple of months.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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